On 4 November 2014, the German Financial Supervisory Authority, BaFin, issued a guidance notice with regard to the requirements that have to be met to extend the term of a German retail closed-ended fund. According to Bafin, the fund rules have to, inter alia, provide for a fixed term of the fund and the possibility to extend this term, also reasons for a possible extension need to be disclosed in the fund rules. The overall term of a closed-ended fund may not exceed 30 years. The guidance notice is available here (in German).